Safe and Green Development Corporation to Develop An Eco Friendly Retail Outlet on 18-Acre Property through Joint Venture

Rhea-AI Summary

Safe and Green Development (NASDAQ: SGD) has announced a joint venture with Properties by Milk & Honey to develop an eco-friendly retail outlet on an 18-acre property in Palmview, Texas. The joint venture, named Pulga Internacional , will focus on converting the property into a retail space using repurposed shipping containers.

SG Devco will manage financial planning and container repurposing, while Milk & Honey will handle permits and project coordination. The development is set to break ground later this year, with completion expected in mid-2025. This project marks SG Devco's strategic expansion into Texas and reinforces its commitment to sustainable development.

Positive

• Joint venture formation for eco-friendly retail outlet development
• Expansion into Texas market
• Innovative use of repurposed shipping containers for cost-effective construction
• Clear project timeline with expected completion in mid-2025

Negative

• None.

MIAMI, Sept. 4, 2024 /PRNewswire/ -- Safe and Green Development Corporation (NASDAQ: SGD) ("SG Devco or the "Company"), a leading real estate and technology development company, today announced a new joint venture with Properties by Milk & Honey LLC ("Milk & Honey"), a Texas-based real estate development firm. The joint venture, named Pulga Internacional LLC, will focus on the development and construction of an eco-friendly retail outlet on an 18-acre property in Palmview, Texas.

The 18-acre property, which will be conveyed by Milk & Honey to Pulga Internacional LLC, will be converted into an eco-friendly retail outlet using shipping containers.

"We are excited to partner with Milk & Honey on this innovative project," said David Villarreal, CEO of SG Devco. "This joint venture aligns with our commitment to sustainable eco-friendly development projects and our vision of creating versatile, community-oriented spaces. By repurposing shipping containers, we are not only minimizing waste but also providing a cost-effective solution that meets the needs of local businesses and residents."

Milk & Honey will play a crucial role in ensuring that all necessary permits, licenses, and approvals are obtained for the project. They will also assist with the ongoing management and coordination of the development to ensure that it is completed on time and within budget. SG Devco will oversee and manage all aspects of the financial planning as well as managing the repurposing and construction of shipping containers.

The joint venture, Pugla Internacional LLC, is expected to break ground on the development later this year, with the project completion anticipated in mid-2025. This development marks a significant milestone in the Company's strategic expansion into Texas, further strengthening its portfolio of innovative and environmentally friendly real estate projects.

About Safe and Green Development Corporation

Safe and Green Development Corporation is a real estate development company. Formed in 2021, it focuses on the development of sites using purpose-built, prefabricated modules built from both wood and steel. The thesis of development is to build strong, innovative and green, single or multifamily projects across all income and asset classes. Additionally, a majority owned subsidiary of SG DevCo, Majestic World Holdings LLC, is a prop-tech company that has created a real estate AI Platform. The Platform aims to decentralize the real estate marketplace, creating an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment. MyVONIA Innovations LLC, a wholly own subsidiary, is the owner of MyVONIA which is an AI-powered personal assistant designed to help simplify daily tasks and improve productivity for individuals and businesses. MyVONIA aims to assist with managing both personal and professional tasks.

About Properties by Milk & Honey LLC

Properties by Milk & Honey LLC is a Texas-based real estate development firm specializing in residential and commercial projects. The company is dedicated to delivering high-quality developments that meet the needs of the communities they serve.

Safe Harbor Statement

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions, and include statements regarding plans to develop and construct an eco-friendly retail outlet on an 18-acre property in Palmview, Texas through a new joint venture with Milk & Honey, creating versatile, community-oriented spaces, minimizing waste and providing a cost-effective solution that meets the needs of local businesses and residents by repurposing shipping containers, ensuring that all necessary permits, licenses, and approvals are obtained for the project, completing the project on time and within budget, breaking ground on the storage facility later this year with the project completion anticipated in mid-2025 and creating an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment.

These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, and expected future developments, as well as other factors we believe are appropriate in the circumstances. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to commence construction and complete the joint venture project in Palmview, Texas as planned, the Company's ability to create an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment, the Company's ability to obtain the capital necessary to fund its activities, the Company's ability to monetize its real estate holdings, and other factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and its subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.

For investor relations and media inquiries, please contact:
Barwicki Investor Relations
Andrew@Barwicki.com
516-662-9461

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SOURCE Safe and Green Development Corporation

FAQ

What is Safe and Green Development 's (SGD) new joint venture project?

SGD has formed a joint venture called Pulga Internacional with Properties by Milk & Honey to develop an eco-friendly retail outlet on an 18-acre property in Palmview, Texas, using repurposed shipping containers.

When is the SGD joint venture project expected to be completed?

The eco-friendly retail outlet project is anticipated to be completed in mid-2025, with groundbreaking expected to occur later in 2024.

How is SGD (NASDAQ: SGD) contributing to the joint venture project in Texas?

SGD will oversee and manage all aspects of financial planning and the repurposing and construction of shipping containers for the eco-friendly retail outlet project.

What is the role of Properties by Milk & Honey in the SGD joint venture?

Milk & Honey will ensure all necessary permits, licenses, and approvals are obtained for the project and assist with ongoing management and coordination of the development.